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Update: Backblaze Shares Rise After Craig Hallum Upgrade Following Data Storage Deal With CoreWeave

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(Updates with analyst upgrade and stock price movement in the first paragraph.)

Backblaze (BLZE) shares rose 42.6% on Tuesday after Craig Hallum upgraded the stock to buy from hold with a $16 price target following a multi-year agreement with CoreWeave (CRWV).

Backblaze said it signed a five-year, $335 million multi-exabyte data deal with CoreWeave.

The company said its HDD-based storage technology will support new storage tiers, allowing CoreWeave to allocate data more efficiently while reserving higher-performance storage for artificial intelligence workloads.

Price: $11.53, Change: $+3.41, Percent Change: +42.00%

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